What is Bitcoin? – the ultimate answer

What is Bitcoin? – the ultimate answer

“What is Bitcoin?” – this question has hit the absolute leadership’s position in Google searches in UK and USA. And this trend is going to continue in 2019 year as well. This means that Cryptofonia.pro can’t avoid to put its five cents to make it clear. By the way, USA tops third position as the most crypto country in the world in terms of crypto volume trade. The blockchain is another story and the distributed ledger technology (DLT) is in hype in many countries so USA has to shoulder forward to become a leader in this issue as well.

Nevertheless that about 8% of US population hold cryptocurrencies and more than half boast that they’ve learned a lot about cryptocurrencies there is a room to explain what BTC is. Bitcoin is cryptocurrency developed by unknown subject with nickname “Satoshi Nakamoto”. Nobody knows about his (or her, or its) whereabouts despite of ten years have gone. The US CIA also claims that their operatives have also not caught the reliable Nakamoto’s traces. This sounds logical since Bitcoin is a cryptocurrency, and asset that has no governing body or specified people who drive it. Bitcoin dwells in special ecosystem named as blockchain. Blockchain functions through internet. Blockchain represents a number of information blocks and when people create a new one they’re given a “reward” in the kind of several tokens – Bitcoins. The number of such Bitcoins may be rewarded is limited by the nature of blocks creation and can’t exceed 21 million units. For now the people deals with about 17 million Bitcoins delivered.

Bitcoin is being considered as a core element of the Internet of Things, and may reinforce the power of Artificial Intelligence and The augmented reality. Bitcoin has a network that has proved to be hacker-resistant. Bitcoin is useful tool when one want transferring value across the borders, safely and with low expenses. The commission for Bitcoin transactions is constantly on decline and now averages $10. Bitcoin can be bought on centralized crypto exchanges such as Binance. There is one of the vast popular to do it. Another ways to purchase Bitcoin will be discussed in other articles.